City of Colorado Springs / Housing Development / Programs and Services / Affordable Housing / How to apply for funds

How to apply for funds

NOTE!  Please read the Uniform Relocation Act requirements before completing the affording housing application for funding assistance.

 

AN EXPLANATION OF HOW FINANCING RECOMMENDATIONS ARE MADE FOR FUNDING AFFORDABLE HOUSING PROJECTS

The Affordable Housing Committee will analyze the financial proforma of the proposed project to determine if the applicant has maximized all available non-City financing.  If financing from other sources has been maximized, the Committee will determine if there is a gap between the proposed non-City financing and the amount needed to develop the project in a financially sound manner.  If such a gap exists, the committee will make a funding recommendation based on the amount needed to fill the finance gap.  If a gap does not exist, City funds will not be recommended for the project.

The type of financing recommended by the Committee will be either

  • a deferred payment 0% interest loan secured by a Promissory Note and Deed of Trust due when the original borrower sells or otherwise transfers the property, or
  • a standard mortgage loan secured by a Promissory Note and a Deed of Trust repayable at a fixed interest rate for a fixed term as recommended by the Review Committee

APPLICATION FOR HOUSING DEVELOPMENT ASSISTANCE

APPEAL PROCEDURE
Currently, there is no appeal procedure.